HB632 Summary

• Amends Section 7-9A-525 of the Alabama Code to expand the permissible use of the Uniform Commercial Code Fund beginning October 1, 2015.

• Authorizes funds deposited in the Uniform Commercial Code Fund to be expended for any purpose related to the administration of the Office of the Secretary of State, in addition to carrying out Uniform Commercial Code provisions.

• Requires that any expenditures from the fund for Secretary of State administration be allotted and budgeted in accordance with state appropriations procedures and only in amounts authorized by the Legislature in the general appropriation bill.

• Becomes effective immediately upon passage and approval by the Governor, or upon otherwise becoming law.